Whenever a new technology or tech product invades a system, it brings with it massive transformation. And, this is what we have witnessed in the insurance industry as well. The way the entire banking system was taken by storm with the Fintech revolution, insurance companies too have witnessed their share of disruption.
Insurance is a more conventional (and old industry), and this industry is already wrapped up in several governing laws and regulations, this is why it has shown a lot of resistance to change. In the past few years, some tech start-ups emerged to encroach upon this territory. Here are a few global insurtech companies who are and will keep transforming insurance processes:
Relay is known to be the next generation collaboration platform for insurance companies that help them manage and place their reinsurance better. Relay is designed to keep redundant tasks at bay thereby improving upon the reinsurance placement trends and opportunities. If reinsurance is your target, Relay would be a good pick for you.
2. Oscar Health
Oscar Health is an insurtech company focused around the health of patients. Oscar Health is essentially an American company and it offers its services in nine states in the US: California, Texas, Ohio, New Jersey, Arizona, Michigan, New York, and Tennessee. The company is capable of bringing the highest mobile engagement from the user for any insurer.
One of the best platforms used by car insurance companies, Tractable has completely transformed the way companies were handling accident claims before. Founded in 2014, Tractable can measure the damage done to a vehicle just by looking at the photographs and provides you results in real-time. with the help of this technology, claims are processed faster.
4. Zesty AI
Bearing quick risk assessment at its core, Zesty leverages the features of AI to help several insurance companies that belong to the trillion-dollar industry. Zesty AI is mainly used for assessing the risk involved on the residential and non-residential properties during a catastrophic or non-catastrophic loss. Various insurance carriers have partnered with Zesty to judge their risks more accurately.
Belonging to the venture backed fintech, Esusu helps its partners build digital tools and services to improve their financial resiliency coupled with robust financial identities. Along with garnering exact consumer data attached to rental and peer to peer payments, Esusu can help you calculate financial risk profiles.
It is a leading insurance and health tech player that is disrupting global insurance and health insurance in a big way. The company has already reached 31 million customers and they are garnering more by the day. What is unique about them is that they are able to create personalized solutions for their customers.
UK has shown some incredible results by adopting innovative technology within its insurance sector. Quantemplate is also a London-based insurtech firm offering machine learning, analytics solutions and data transformation for insurance companies and professionals. Their business is led and supported by big insurance and financial companies like Route 66 Ventures INC.
For those who are looking for an on-demand insurance platform, Trov is the best choice. Trov serves the best when the customers wish to use any specific insurance product from their mobile device. The company proudly states on its website that they are reinventing insurance for the mobile generation by making it simpler, more flexible and transparent.
The best technology for the home insurance bearers, Neos has gained the right position in the top 10 global insurtech companies. Neos is a UK based insurance firm that offers 24*7 assistance to its users with smart technology like smart sensors, security cameras to help protect their homes.
Lemonade is based out of New York city and the company claims to be the world’s first open source insurance policy. This insurance platform is mainly designed for renters and home owners. It is powered by artificial intelligence and behavioral economics. The firm has also set a record to handle the fastest claim handled in just three seconds. Lemonade is known to make a positive impact on the society, workers, homeowners and community as a whole by charging a flat fee from everyone.
A recent survey suggested that 96% of insurers believe that technology is disrupting their industry big time, and they can see the benefits already. With immediate process automation, big data, and various AI tools, it has become very easy and convenient to manage the insurance market today.
These few global insurtech firms have the potential to change, influence and keep invading the insurance sector for better performance in the future as well.